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On December 16, the Municipal Securities Rulemaking Board (“MSRB”) filed with the SEC a proposed rule that would extend to municipal advisers the MSRB’s existing rule prohibiting “pay-to-play” practices and restricting campaign contributions in the municipal securities and advisory business.

Imposing a two-year ban on business with municipal entities after any contribution to an issuer official who can influence municipal-advisory business, subject to $250 de minimis exclusion to officials for whom a contributor can vote;

Prohibiting soliciting, coordinating (“bundling”), and contributions to state/local political parties or bond ballot initiatives – as well as indirect violations;

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